Versamet Royalties Corp (NASDAQ: VMET)

Versamet Royalties Corporation is a precious metals focused royalty and streaming company that acquires and manages royalties streams and similar interests on mineral properties worldwide. The company was formed in 2022 through the amalgamation of 2 private royalty entities and has since grown through a series of strategic acquisitions from partners such as Sandstorm Gold Ltd Equinox Gold Corp B2Gold Corp and others. Its portfolio includes interests in gold silver copper and other base metals located in Canada the United States Mexico Burkina Faso Brazil Namibia Peru and several other jurisdictions. Versamet does not operate mines but provides upfront capital in exchange for future metal production or revenue streams allowing it to benefit from mine life extensions exploration success and operational improvements without bearing operating or capital costs. As of the end of 2025 the company held over 25 assets spanning producing development and exploration stages with a strong weighting toward gold and silver.

Versamet generates revenue mainly from 2 sources the sale of metals received under streaming agreements and the receipt of royalty payments based on mine production or revenue. Under streaming arrangements the company acquires the right to purchase a portion of a mine s future metal output at a predetermined price often set as a percentage of the spot metal price at the time of delivery. Royalty interests entitle Versamet to a percentage of the mine s gross revenue or metal production usually calculated as a net smelter return or gross revenue royalty. The company s current revenue streams include the Greenstone gold interest which provides monthly gold deliveries based on a formula tied to the Greenstone Mine s output the Kiaka NSR royalty which pays a sliding scale of gold production the Rosh Pinah silver stream which delivers a high percentage of payable silver and the Kolpa copper stream which delivers a large share of produced copper. Additional contributions come from the Blackwater Mercedes Santa Rita and Eskay Creek interests among others. Payments are typically made in cash based on prevailing market prices with some agreements containing buy down or step down provisions that alter the effective rate after certain production thresholds are met.

Versamet occupies a competitive niche within the global royalty and streaming sector alongside established players such as Franco Nevada Royal Gold Wheaton Precious Metals and Sandstorm Gold. The company s competitive advantages include an experienced management team with backgrounds in mining capital markets and royalty structuring a track record of executing transactions of varying size and complexity and strong relationships with mining operators and financial sponsors. Its portfolio is deliberately diversified by commodity geography operator and project stage which reduces reliance on any single asset and enhances resilience to commodity price fluctuations. Versamet also benefits from a solid access to capital demonstrated by its ability to secure large credit facilities and equity offerings to fund acquisitions while maintaining a disciplined approach to capital allocation. The company s insider ownership and support from strategic shareholders further align interests and provide stability in the ownership base.

Versamet s customers are the mining companies that own and operate the underlying properties from which it receives royalties or streams. Key customers include Equinox Gold Corp which operates the Greenstone Mine in Ontario West African Resources Ltd which operates the Kiaka Mine in Burkina Faso Artemis Gold Inc which operates the Blackwater Mine in Canada Endeavour Silver Corp which operates the Kolpa Mine in Peru Skeena Resources Ltd which is advancing the Eskay Creek project in British Columbia Appian Capital Advisory LLP which holds the Rosh Pinah Stream in Namibia and the Santa Rita Royalty in Brazil and Southern Copper Corp which holds the El Pilar project in Mexico. Additional operators in the portfolio comprise Glencore Canada Corp HudBay Minerals Inc Orion Resource Partners and various junior exploration firms such as Prosper Gold Corp Teuton Resources Corp Cabral Gold Inc Talga Group Ltd and others spanning North America South America Africa Europe and Australia. These counterparties provide the production that drives Versamet s cash flows and the company relies on their ongoing operational success to sustain and grow its revenue base.